Rivers’ deal includes a player option on the second year, according to the source.
Rivers has bounced around the league since New Orleans made him the 10th overall pick in the 2012 draft.
He started the 2018-19 season with Washington, was traded to Phoenix in December, was put on waivers by the Suns and then was claimed by a Rockets team trying to fill the void left by an injured Chris Paul.
Rivers excelled in a starting role for Houston (11.6 points per game in 13 starts) before Paul returned in late January from a 17-game absence due to a hamstring injury.
Rivers’ usage took a hit when he returned to the Houston bench, but he brought value as a reserve with both his energy and his ability to create his own shot. And in the postseason, he was a force from 3-point range, shooting 45.7% from deep and making an average of 1.6 treys over the Rockets’ 10 playoff games.
Rivers, who turns 27 on Aug. 1, holds a career average of 9.2 points on 41.7% shooting from the field and 34.7% shooting from 3-point range in 24.6 minutes per game.